Greysteel, a national commercial real estate investment services firm, has arranged the sale of Fairfax Commons, a rent-stabilized multifamily property located in Los Angeles, CA for $1.5 million.

Greysteel Managing Director, John F. Mullen, and Investment Associate, Everett Wong, of the company’s Los Angeles, CA office represented the seller, a private local investor, and procured the buyer, Fairfax Properties LP.

Fairfax Commons, built in 1950, totals eight units and is located at 1170 South Fairfax Avenue just south of the Little Ethiopia neighborhood of Los Angeles. The multifamily property is conveniently located 1.5 miles from the 10 Freeway, providing residents with easy access to Santa Monica, Downtown Los Angeles, and the 405 Freeway. Situated at the junction of the Mid-Wilshire, Mid-City, and Pico-Robertson submarkets, Fairfax Commons is close to numerous trendy retailers and coffee shops as well as just a short drive from the wide array of nightlife options in West Hollywood and Beverly Grove.

“As the demand for multifamily housing in the urban pockets of Los Angeles continues to outpace supply, Fairfax Commons will be one of many well-located assets to realize remarkable upside in the long term,” said Mr. Mullen. “We congratulate both the buyer and seller on a successful transaction,” he added.

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with seven offices located in Los Angeles, CA; Washington, D.C.; Baltimore, MD; Philadelphia, PA; Dallas, TX; and Fort Worth, TX. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.